Primo Brands (NYSE:PRMB) Stock Price Expected to Rise, Barclays Analyst Says

Primo Brands (NYSE:PRMB) had its target price increased by Barclays from $21.00 to $27.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 17.09% from the stock’s previous close.

PRMB has been the topic of a number of other research reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $35.00 target price on shares of Primo Brands in a report on Friday, January 23rd. The Goldman Sachs Group reduced their price target on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, November 25th. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Zacks Research cut shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Finally, Royal Bank Of Canada lifted their price target on Primo Brands to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.92.

Primo Brands Trading Up 1.7%

Shares of NYSE:PRMB traded up $0.38 during midday trading on Monday, reaching $23.06. The company’s stock had a trading volume of 246,340 shares, compared to its average volume of 6,413,220. The firm has a market cap of $8.54 billion, a price-to-earnings ratio of 153.67, a price-to-earnings-growth ratio of 0.82 and a beta of 0.61. The business has a 50 day moving average price of $18.38 and a 200 day moving average price of $19.83. Primo Brands has a 1 year low of $14.36 and a 1 year high of $35.85. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 1.59.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Primo Brands had a return on equity of 14.24% and a net margin of 0.90%.The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 EPS. Research analysts forecast that Primo Brands will post 1.13 EPS for the current year.

Primo Brands announced that its Board of Directors has approved a stock repurchase program on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Primo Brands

A number of hedge funds and other institutional investors have recently made changes to their positions in PRMB. One Rock Capital Partners LLC bought a new stake in Primo Brands during the fourth quarter worth approximately $1,900,047,000. Viking Global Investors LP boosted its stake in shares of Primo Brands by 290.2% during the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after acquiring an additional 14,578,589 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Primo Brands by 189.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after acquiring an additional 9,461,990 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the period. Finally, Alyeska Investment Group L.P. boosted its position in shares of Primo Brands by 622.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company’s stock valued at $101,690,000 after purchasing an additional 5,358,687 shares during the period. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Company Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.